crude oil

A price cap, set by EU and G7 countries, implies that oil sold at the agreed price can be shipped using the tankers of the said countries.

On November 29, a representative delegation from Pakistan flew to Moscow for a three-day visit with Russian officials to discuss the possibility of importing crude oil at a reduced price and discussing payment options and shipping costs.

Hardeep Singh Puri told CNN, "We have 1.34 billion population and we have to ensure that they are supplied with energy."

After China, India has emerged as second-largest buyer of Russian oil, taking the advantage of discounted prices.

Saudi Arabia Energy Minister lambasted a Reuters journalist and refused to answer his questions for misleading reports on oil price

India is now the second largest buyer of Russian oil after China. India chose to buy Russian oil in defiance of pressure from West.

Bangladesh government is considering asking India for assistance to deal with the acute fuel crisis the country is experiencing recently

Deputy National Security Adviser for International Economics of the Biden administration, Daleep Singh, courted controversy after he threatened India with 'consequences' for purchasing oil from Russia

While India is facing criticism for buying Russian oil, India's oil import from the US is set to go up by 11%

Lars Barstad, the CEO of a New York-listed tanker company has been quoted by the FT report as saying, "the discounts on the Russian Urals for India was about $25-30 per barrel. Freight rates would add only $3-4 per barrel, making the trade economic for India."